This study explores the contemporaneous association between market determined risk measures and accounting determined risk measures using the large liquid non-financial stocks in the Indian stock market in the recent 2012-2017 period. Two measures of systematic risk and seven accounting determined risk measures are chosen based on prior research. This study uses three regression techniques, namely Ordinary Least Squares (OLS), stepwise regression and robust regression, to identify the influential accounting variables for the systematic risk measured by market beta. The results evidence that there is a high degree of contemporaneous association between market determined and accounting determined risk measures, with nearly 30% of the cross sectional variance in systematic risk explained by accounting determined risk measures. The results suggest that the accounting variables can be used in the predictive models of future risk, leading to superior decision making at the level of individual decision maker.

中文翻译：

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系统性风险和会计决定因素：印度股票市场的经验评估

本研究使用最近2012-2017年期间印度股市中大量的流动性非金融股票，探索了市场确定的风险度量与会计确定的风险度量之间的同时关联。在先前研究的基础上，选择了两种系统风险度量和七个会计确定风险度量。这项研究使用三种回归技术，即普通最小二乘（OLS），逐步回归和稳健回归，来确定市场beta衡量的系统风险的有影响的会计变量。结果证明，市场确定的和会计确定的风险度量之间存在高度同时性关联，系统风险中横截面差异的近30％通过会计确定的风险度量来解释。